Non-brokered deal's proceeds slated to explore Sheep Creek property
By Devika Patel
Knoxville, Tenn., March 22 - TintinaGold Resources Inc. said it has settled the second and final tranche of a non-brokered private placement of stock. The deal priced for C$37.75 million on Feb. 10 and the company raised C$16.38 million in the initial closing on March 2; it raised C$19.12 million in the final tranche for a total of C$35.5 million.
The company sold a total of 55,905,512 common shares at C$0.635 apiece, an 18.59% discount to the Feb. 9 closing share price of C$0.78.
It sold 21,792,762 shares to Quantum Partners LP for C$13.84 million and 3,995,340 shares to Electrum Strategic Metals II LLC for C$2.54 million in the first tranche.
It sold 30,117,410 shares in the second tranche, with 25,451,333 shares sold to Quantum for about C$16.16 million and 4,666,077 shares sold to Electrum for approximately C$3 million.
The company says it expects to issue the remaining 393,701 shares shortly, which would bring the total proceeds of the deal to C$35.75 million.
Proceeds will be used for exploration, environmental baseline work and feasibility studies at the company's Sheep Creek property and for general working capital.
The precious and base metals explorer is based in Vancouver, B.C.
| Issuer: | TintinaGold Resources Inc.
|
| Issue: | Common shares
|
| Amount: | C$35.5 million
|
| Shares: | 55,905,512
|
| Price: | C$0.635
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Quantum Partners LP (for C$30 million), Electrum Strategic Metals II LLC (for C$5.5 million)
|
| Pricing date: | Feb. 10
|
| Settlement dates: | March 2 (for C$16,375,445), March 22 (for C$19,124,555)
|
| Stock symbol: | TSX Venture: TAU
|
| Stock price: | C$0.78 at close Feb. 9
|
| Market capitalization: | C$72.35 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
